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Yesterday, 1:05 PM
- The EPA formally proposes reducing ground-level emissions limits to 65-70 ppb from their current level of 75 ppb, and says it will take comments on possibly cutting limits to 60 ppb, a standard favored by environmental and public health groups.
- The American Fuel & Petrochemical Manufacturers warns, “This regulation promises to be the most expensive in U.S. history," which it says could lead to millions of jobs lost and hundreds of billions of dollars every year in costs to U.S. businesses.
- Back in 2011, the EPA itself estimated that such a standard could cost businesses as much as $90B/year; in the new proposal, the EPA estimates costs of no more than $15B in 2025.
- ETFs: XLE, XLU, ERX, VDE, IDU, KOL, OIH, VPU, ERY, DIG, DUG, IYE, FENY, PXJ, RYU, UPW, RYE, FUTY, FXN, FXU, SDP, DDG
Yesterday, 3:35 AM
- In the latest attempt to curb emissions of ground-level ozone, commonly known as smog, the Obama administration will introduce new legislation today which is expected to force power plant and factory owners to install expensive technology to clean the pollutants from their smokestacks.
- Next year, the EPA is expected make two more Clean Air Act rules final aimed at cutting greenhouse gas emissions from coal-fired power plants.
- ETFs: XLE, ERX, VDE, KOL, OIH, ERY, DIG, DUG, IYE, FENY, PXJ, RYE, FXN, DDG
Thu, Nov. 20, 11:59 AM
- With crude at $75/bbl - the price Goldman Sachs says will be the average in next year's Q1 - 19 U.S. shale regions including parts of the Eaglebine and Eagle Ford in Texas are no longer profitable, according to data compiled by Bloomberg.
- At least a dozen companies including Continental Resources (NYSE:CLR) and SandRidge (NYSE:SD) said on conference calls in the past month that they would reduce capital spending plans because of lower prices; Apache (NYSE:APA) said today it would cut spending in North America by 25% while still increasing production 8%-12% vs. an annual average of 29% since 2009.
- By contrast, the biggest-producing fields - North Dakota's Bakken and the Permian and Eagle Ford in Texas - pump a combined 4.7M bbl/day, and those regions remain economic at $55-$65/bbl.
- ETFs: XLE, ERX, VDE, OIH, XOP, FCG, ERY, DIG, GASL, DUG, XES, IYE, IEO, IEZ, GASX, PXE, FENY, PXJ, RYE, FXN, DDG
Fri, Nov. 14, 3:25 PM
- Crude oil futures jumped on speculation that OPEC may cut its oil production in a bid to stabilize plunging prices; West Texas crude oil rose $1.75, or 2.4%, to $75.90/bbl, bouncing off multiyear lows yesterday.
- The crude oil effect also sparked a reversal in gold prices, which rallied $24.10, or 2.1%, to settle ar $1,185.60/oz., its highest close since Oct. 30; a stronger U.S. dollar vs. the Japanese yen and the euro also sparked demand.
- ETFs: GDX, NUGT, USO, AGQ, XLE, OIL, DUST, SIL, USLV, UCO, ERX, VDE, OIH, ZSL, SCO, UGL, GLDX, DGP, XOP, ERY, GLL, DIG, BNO, UGLD, DZZ, DTO, DBO, DUG, SLVO, GLDI, IYE, DSLV, IEO, SLVP, CRUD, DGL, DBS, DGZ, RING, DGLD, SGDM, USL, PXE, UWTI, FENY, PXJ, PSAU, DWTI, DNO, TBAR, USV, RYE, UBG, FXN, GLDE, SZO, GYEN, BAR, OLO, GEUR, BARS, DDG, GGBP, OLEM, TWTI
Thu, Nov. 13, 3:20 PM
- U.S. crude oil prices break below $75/bbl for the first time in more than three years, brushing aside an IEA report showing a surprise 1.735M barrel inventory drawdown as well as remarks by the Saudi oil minister dismissing talk of an oil price war among producers.
- West Texas crude settled today at $74.21/bbl, -3.9% and breaking below an important support level; during the past three years, futures have tested but not broken through that level three times.
- Brent crude recently was trading below $78, -3%.
- Global oil majors are all lower: COP -1.9%, BP -1.4%, CVX -1.4%, XOM -1.1%, TOT -0.9%, RDS.A -0.7%.
- Oil services companies and offshore drillers suffer even sharper drops: SDRL -4.4%, SLB -4.2%, HAL -3.9%, BHI -3.9%, RIG -3.8%, DO -3.5%, NBL -2.9%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, XOP, ERY, DIG, BNO, UGA, DTO, DBO, DUG, XES, IYE, IEO, CRUD, IXC, IEZ, PXE, USL, UWTI, IPW, FENY, PXJ, UHN, DWTI, DNO, RYE, FXN, SZO, GNAT, OLO, DDG, FILL, OLEM, TWTI
Tue, Nov. 4, 1:10 PM
- An big outlier to the downside in today's session is the energy sector (XLE -2.4%) as crude oil tumbles another 2.5% to a 3-year low of $76.80 per barrel, and brings heating oil and gasoline along with it.
- As comparison, the S&P 500 is down just 0.4%.
- Now off 21% from its all-time closing high on June 23, the XLE is down 5% YTD, making it the only ETF tracking the 10 benchmark S&P sectors to be in the red in 2014 (the S&P 500 is up 8.4%).
- ETFs: XLE, ERX, VDE, OIH, ERY, XOP, DIG, DUG, XES, IYE, IEO, IEZ, PXE, FENY, PXJ, PSCE, RYE, FXN, DDG
Mon, Nov. 3, 3:47 PM
- U.S. oil prices tumble to new two-year lows after Saudi Arabia cuts its selling price for oil to the U.S., while raising prices for its oil in other locations,
- Nymex December crude fell $1.76, or 2.2%, to settle at $78.78/bbl, the lowest settlement since June 2012; Brent crude initially rose on the Saudi prices but then tumbled along with the U.S. contract to settle down $1.08, or 1.3%, at $84.78.
- Once the Saudi prices were reported, the structure of the U.S. oil contract shifted to indicate that traders see the market as oversupplied.
- Some analysts say the December price moves suggest that while the Saudis are not trying to undercut its competitors in every region, they want to maintain market share in the U.S.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, DIG, BNO, DTO, DBO, DUG, IYE, CRUD, USL, UWTI, FENY, PXJ, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, TWTI, OLEM
Thu, Oct. 23, 9:43 AM
- Crude oil prices sprint higher as Saudi Arabia is said to have cut supply last month, according to a source familiar with the country’s oil policy.
- The Saudis cut supply by 328K bbl/day to 9.36M bbl/day in September, from 9.69M in August, according to the source; total Saudi output in September was 9.7M bbl/day, up from 9.6M in August.
- WTI +1% to $81.30/bbl, Brent +1.2% to $85.77.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, DIG, BNO, DTO, DBO, DUG, IYE, CRUD, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Sat, Oct. 18, 8:25 AM
- A little discussed reason the stock market may have hit bottom and started to recover: The realization that the lowest oil prices in four years will provide a stimulus of more than $1T to global economies, according to Citigroup.
- “A reduction in oil prices also results in a reduction in prices across commodities, starting with natural gas, but also including copper, steel and agriculture,” says Ed Morse, the bank's head of global commodities research.
- U.S. motorists on average are enjoying the cheapest gasoline since Feb. 2011, and they are spending ~$230M/day less at the pump than on July 4, AAA says.
- Alas, some big banks say the collapse in oil is nearly over, but much will depend on whether OPEC supports the price by cutting production, as is the norm, or protects its market share by keeping production steady.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, UGA, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Tue, Oct. 14, 2:43 PM
- In a bear market any news will do, and IEA earlier slashed its outlook for oil demand - with expected growth in 2015 now about 300K barrels per day less than previously estimated.
- WTI crude (NYSEARCA:USO) is down 4.2% to $82.25 per barrel, the weakest print since late-June 2012. As the country moves into heating season, heating oil (NYSEARCA:UHN) - down 3.3% today to $2.47 per gallon - is also at its lowest since the early summer of 2012. The U.S. Gasoline Fund (UGA -3%).
- Carving out a moderate advance, the major averages are getting no help from the energy sector (XLE -0.5%).
- ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, PXJ, FENY, RYE, FXN, DDG
Thu, Oct. 9, 3:25 PM
- Crushed by relentless anxiety about oversupply and weakening global demand, Nymex crude oil futures closed down $1.54 at $85.76/bbl, their lowest close since Dec. 2012, while Brent crude fell below $90/bbl for the first time in more than two years.
- Including today's losses, WTI crude is down 6.2% since the start of the month and Brent has surrendered ~5%.
- In the face of surging output, a move in WTI below its 10-year average at $82 is not out of the realm of possibility, Brown Brothers Harriman says, adding that "a break of $73/barrel could send WTI toward $64, which corresponds with the 2010 low."
- Among big oil names so far today: APC -6.3%, LINE -4.6%, EPD -3.8%, DVN -3.8%, MRO -3.6%, HES -3.8%, KMI -3.7%, TOT -3.5%, STO -3.3%, RDS.A -3.1%, OXY -3%, KMP -3%, XOM -2.6%, COP -2.6%, MUR -2.6%, CVX -2.5%, BP -2.4%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, XES, IEO, CRUD, IEZ, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Thu, Oct. 9, 9:56 AM
- Global oil producers open broadly lower as oil prices continue to slide on concerns about high supplies and weak global economic growth (also): RDS.A -2.7%, STO -2.7%, TOT -2.5%, HES -2%, APC -1.7%, BP -1.6%, CVX -1.5%, COP -1%, XOM -0.8%.
- Brent prices slump to $91/bbl, approaching two-year intraday lows, and Nymex crude tumbles to $86.67/bbl to an 18-month intraday low.
- The EIA said yesterday that U.S. crude supplies rose by a more than expected 5% last week, while gasoline and distillate inventories unexpectedly grew as well.
- Barclays is cutting its oil price forecasts: It now sees U.S. crude averaging $85/bbl in Q4 and $89 in 2015, down from previous estimates of $98 in Q4 and $100 next year, and Brent crude averaging $93/bbl in Q4 and $96 in 2015, down from a respective $106 and $107 previously.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Tue, Sep. 16, 7:27 PM
- A new study finds that it's not the actual process of fracking that can cause water pollution; the bigger problem is faulty well construction.
- The real concern, according to an analysis published yesterday by the peer-reviewed Proceedings of the National Academy of Sciences, are leaks in the steel-and-cement casings surrounding the well bore, which let gas escape before it gets to the surface, making water undrinkable and in some cases explosive.
- "Where contamination occurs, it related strictly to well integrity," says a co-author of the study, who adds, "The answer is not to stop drilling. The fix is better executions on the construction of the well and improving well integrity."
- The study is fueling calls for stricter standards for well construction that could increase costs for energy companies.
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, GASL, DUG, IYE, XES, IEO, IEZ, GASX, PXE, PXJ, DBE, FENY, RJN, RYE, FXN, JJE, DDG, ONG, RGRE, UBN
Thu, Sep. 11, 6:54 PM
- The International Energy Agency lowers its forecast for global oil demand growth for the third month in a row, calling the recent slowdown in demand "nothing short of remarkable."
- The IEA now foresees global oil demand growth of 900K bbl/day in 2014, a decrease of 65K bbl/day vs. last month's forecast and down by 300K bbl/day since July.
- Oil demand growth in Q2 was at its lowest in two and a half years due to economic weakness in Europe and China, a trend the IEA expects will continue to hurt demand; the agency now expects oil demand to rise by 1.2M bbl/day next year, but that's 100K bbl/day less than it forecast last month.
- Saudi Arabia finally appears to be responding to the lower demand outlook, as it cut its oil output by 330K bbl/day last month and appears to have run below 7M bbl/day for the last four months, its lowest level since Sept. 2011.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, XES, IEO, CRUD, IEZ, PXE, USL, PXJ, FENY, UWTI, DWTI, DNO, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
Wed, Sep. 10, 3:28 PM
- Energy stocks, especially refiners, are taking a beating following the latest EIA inventory report that said gasoline stockpiles rose by 2.4M barrels last week, helping send U.S. crude oil futures to 16-month lows (-1.2% to $91.61/bbl) and Brent crude to 17-month lows (-1.1% to $98.02).
- The report is bearish given the large increases in refined product inventories; "even though the crude drawdown was close to expectations, it seemed to disappoint," Again Capital's John Kilduff says.
- The EIA report followed the agency’s updated demand growth report issued yesterday and this morning’s release of OPEC’s report on the oil market; both see lower demand growth this year and next.
- Oil majors are mostly lower: XOM -0.6%, CVX -1.4%, COP -0.3%, but BP (+2.9%) and RDS.A (+1%) are higher.
- Refiners are hit hard: VLO -3.6%, PSX -1.5%, MPC -1.9%, HFC -2.5%, TSO -2.9%, WNR -4.1%, CVI -1.6%, ALJ -1.8%, PBF -3.5%, DK -1.8%, CLMT -1.8%.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, UGA, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, PXI, PXJ, DBE, FENY, UWTI, DWTI, DNO, RJN, RYE, FXN, SZO, OLO, JJE, DDG, ONG, RGRE, OLEM, TWTI, UBN
Tue, Sep. 2, 3:25 PM
- The energy sector (XLE -1.3%) is lit up bright red this session as WTI crude oil for October delivery dives 3% to $93.04 per barrel, within a dollar or so of 2014's low price. Also headed south is natural gas, -4.1% to $3.89 per MBtu.
- USO -3%, UNG -4.5%
- The Dow (DIA -0.2%) is the weakest of the major averages, with Dow components Chevron (CVX -1.5%) and Exxon (XOM -1.1%) among the index's worst performers.
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, GASL, DUG, IYE, IEO, GASX, PXE, PXJ, FENY, RYE, FXN, DDG
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